In: Accounting
Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 |
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Account No. | Debit | Credit | |
Cash | 11 | 22,100 | |
Accounts Receivable | 12 | 3,400 | |
Supplies | 14 | 1,350 | |
Prepaid Rent | 15 | 3,200 | |
Prepaid Insurance | 16 | 1,500 | |
Office Equipment | 18 | 14,500 | |
Accumulated Depreciation | 19 | 330 | |
Accounts Payable | 21 | 800 | |
Salaries Payable | 22 | 120 | |
Unearned Fees | 23 | 2,500 | |
Common Stock | 31 | 30,000 | |
Retained Earnings | 32 | 12,300 | |
46,050 |
46,050 |
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.
b. Supplies on hand on May 31 are $715.
c. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $325.
e. Rent expired during May is $1,600.
f. Unearned fees on May 31 are $3,210.
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Prepare an income statement.
Kelly Consulting Income Statement For the Month Ended May 31, 20Y8 |
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---|---|---|
$ | ||
Expenses: | ||
$ | ||
$ |
Prepare a statement of stockholders’ equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.
Kelly Consulting Statement of Stockholders’ Equity For the Month Ended May 31, 20Y8 |
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Common Stock | Retained Earnings | Total | |
$ | $ | $ | |
$ | $ | $ |
Prepare a balance sheet.
Kelly Consulting Balance Sheet May 31, 20Y8 |
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Assets | Liabilities | ||||
Current assets: | Current liabilities: | ||||
$ | $ | ||||
Total liabilities | $ | ||||
Total current assets | $ | ||||
Property, plant, and equipment: | Stockholders’ Equity | ||||
$ | $ | ||||
Total property, plant, and equipment | Total stockholders’ equity | ||||
Total assets | $ | Total liabilities and stockholders’ equity | $ |